Party Account Without Right of Survivorship. At death of party, deceased party’s ownership passes as part of deceased party’s estate.
Party Account Without Right of Survivorship. At death of party, deceased party's ownership passes as part of deceased party's estate. Single-Party Account With Pay-on-Death Designation - At death of the party, ownership passes to the designated pay-on-death beneficiaries and is not part of the party's estate. Multiple-Party Account With Right of Survivorship and Pay-on-Death Designation - At death of last surviving party, ownership passes to the designated pay-on-death beneficiaries and is not part of the last surviving party's estate. UTMA/UGMA Accounts - Ownership of an account established under the controlling state's version of the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) is governed by the terms of this Agreement and UTMA/UGMA law. The account may be accessed only by the custodian (or the successor custodian), and the funds must be used for the benefit of the minor. We presume the custodian is carrying out her or his duties in accordance with the law, and we have no duty or obligation whatsoever to monitor or ensure that the acts of the custodian (or successor custodian) are conducted according to law or for the minor's benefit. We are not responsible to either the custodian or the minor for monitoring the age or eligibility of a minor for an UTMA/UGMA account, even though our records may include the minor's date of birth, and will not send any notices regarding the termination of the UTMA/UGMA account for such reason(s) to anyone except and unless explicitly required to do so by state law. As clearly set by state law, it is the custodian's responsibility, and only the custodian's responsibility, to properly distribute the funds in the account including upon the minor's death or attainment of the age of twenty-one (21) (or the age of distribution under applicable state law). We will use the minor's SSN/TIN for tax reporting purposes for the account. INDIVIDUAL RETIREMENT ACCOUNT-BENEFICIARY DESIGNATION - BUSINESS, ORGANIZATION AND ASSOCIATION ACCOUNTS - Earnings in the STOP PAYMENTS - We may accept a written or oral stop-payment order from any person who has a right to withdraw funds from the account as long as we receive it in time to give us a reasonable opportunity to act on it, and as long as it identifies the item with reasonable certainty by identifying the number, date, amount, and payee of the item. We may require you to complete a form authorizing the order. A stop payment order generally expires after six months; however, we may, at our sole discreti...
Party Account Without Right of Survivorship. The Parties to the account own the account in proportion to the parties’ net contributions to the account. We may pay any sum in the account to any party at any time. On the death of a party, the party’s ownership of the account passes as a part of the party’s estate under the party’s will or by intestacy.
Party Account Without Right of Survivorship. Any of the named parties may withdraw all or some of the account during the party’s lifetime. Upon the death of a party, that party’s account ownership share in the account passes as part of the decedent party’s estate. Multi-Party with Right of Survivorship and P.O.D. (Pay on Death) Designation. A multiple-party account with right of survivorship and POD (pay on Death) designation permits the parties to transfer the account upon the death of all parties to named beneficiaries. Upon the death of a party, ownership passes to the surviving party or parties rather than passing as part of the decedent party’s estate. If two or more parties survive the decent party, then the decedent’s ownership passes to the surviving parties in equal shares. However, if two or more parties survive the decedent party and one is the spouse of the decedent, then the decedent party’s ownership share passes to his or her spouse. MULTIPLE ACCOUNT OWNERS. If there is more than one account owner for your account, all deposits are the property of the person(s) indicated on the account. We may release all or any part of the amount in the account to honor checks, orders, or other items, or withdrawals or requests from any person named on this account. However, the number of signatures on the Account Information form must be met. Any person named on the account is liable for an amount equal to the overdrawn balance plus any overdraft fees regardless of whether he or she signed the item or benefited from the proceeds of the item. Upon receiving written notice from any person named on the account, we may freeze the account. The account may be frozen until we receive written notice, signed by all parties named in the account, as to the disposition of funds. We may also freeze the account upon receipt of notice of the death or incapacity of an account owner until we have received all necessary documentation to establish to whom payment should be made. We may use the funds to satisfy a debt or judgment of any person named on this account if ordered to do so by a court of law. ESCROW, TRUST, FIDUCIARY AND CUSTODIAL ACCOUNTS. When your account is set up as an escrow account, trust account, fiduciary account or custodial account, it is your sole responsibility to determine the legal effects of opening and maintaining an account of this nature. We have no obligation to act as trustee or to inquire into your powers or responsibilities over this account. We reserve the right to require the document...
Party Account Without Right of Survivorship. At death of party, deceased party’s ownership passes as part of deceased party’s estate. Single-Party Account With Pay-on-Death Designation - At death of the party, ownership passes to the designated pay-on-death beneficiaries and is not part of the party’s estate. Multiple-Party Account With Right of Survivorship and Pay-on-Death Designation - At death of last surviving party, ownership passes to the designated pay-on-death beneficiaries and is not part of the last surviving party’s estate. STOP PAYMENTS - Unless otherwise provided, the rules in this section cover stopping payment of items such as checks and drafts. Rules for stopping payment of other types of transfers of funds, such as consumer electronic fund transfers, may be established by law or our policy. If we have not disclosed these rules to you elsewhere, you may ask us about those rules. TELEPHONE TRANSFERS - A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Other account transfer restrictions may be described elsewhere. TRANSFER LIMITATIONS - For money market accounts you may make up to six transfers or withdrawals by means of a preauthorized, automatic, telephonic, online or mobile transfer to another account of yours or to a third party or by check, debit card, or similar order to a third party during any calendar month (or statement cycle of at least four weeks). A preauthorized transfer includes any arrangement with us to pay a third party from your account at (i) a predetermined time; (ii) on a fixed schedule or (iii) upon oral or written orders including orders received through the automated clearing house (ACH). If the transfer or withdrawal is initiated in person, by mail, or at an ATM then there is no limit on the number of payments that may be made directly to you, directly to us for amounts you owe us, or transfers to other accounts you have with us. Withdrawals by phone are also unlimited if you are requesting that a check be mailed to you. AMENDMENTS AND TERMINATION - We may change any term of this agreement. Rules governing changes in interest rates are provided separately in the Truth-in-Savings disclosure or in another document. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice ...
